{
  "process_id": "CM-10",
  "policy_version": "synthetic-v1",
  "event_id": "cm-10-example-v1",
  "input": {
    "as_of": "2026-11-09T15:00:00+00:00",
    "upb_cents": 25000000,
    "tape_hash": "T1",
    "basis": {
      "servicing": "released",
      "delivery": "best_efforts",
      "settlement": "2026-11-13"
    },
    "quotes": [
      {
        "id": "A",
        "tape_hash": "T1",
        "observed_at": "2026-11-09T14:59:00+00:00",
        "expires_at": "2026-11-09T15:05:00+00:00",
        "basis": {
          "servicing": "released",
          "delivery": "best_efforts",
          "settlement": "2026-11-13"
        },
        "price_bps": 10075,
        "fees_cents": 50000,
        "carry_cents": 25000
      },
      {
        "id": "B",
        "tape_hash": "T1",
        "observed_at": "2026-11-09T14:59:00+00:00",
        "expires_at": "2026-11-09T15:05:00+00:00",
        "basis": {
          "servicing": "released",
          "delivery": "best_efforts",
          "settlement": "2026-11-13"
        },
        "price_bps": 10080,
        "fees_cents": 90000,
        "carry_cents": 20000
      },
      {
        "id": "C",
        "tape_hash": "T1",
        "observed_at": "2026-11-09T14:59:00+00:00",
        "expires_at": "2026-11-09T15:05:00+00:00",
        "basis": {
          "servicing": "released",
          "delivery": "best_efforts",
          "settlement": "2026-11-13"
        },
        "price_bps": 10100,
        "fees_cents": null,
        "carry_cents": 20000
      }
    ]
  },
  "expected": {
    "ranked": [
      {
        "quote_id": "A",
        "gross_cents": 25187500,
        "net_cents": 25112500
      },
      {
        "quote_id": "B",
        "gross_cents": 25200000,
        "net_cents": 25090000
      }
    ],
    "excluded": [
      {
        "quote_id": "C",
        "reason": "unknown_or_invalid_amount"
      }
    ],
    "binding_actions": 0
  },
  "changes": [
    {
      "name": "Revised tape invalidates old prices",
      "path": [
        "tape_hash"
      ],
      "value": "T2",
      "expected": {
        "ranked": [],
        "excluded": [
          {
            "quote_id": "A",
            "reason": "tape_mismatch"
          },
          {
            "quote_id": "B",
            "reason": "tape_mismatch"
          },
          {
            "quote_id": "C",
            "reason": "tape_mismatch"
          }
        ],
        "binding_actions": 0
      }
    },
    {
      "name": "Blank identifiers cannot produce an accepted result",
      "path": [
        "quotes",
        0,
        "id"
      ],
      "value": "   ",
      "expected": {
        "status": "hold",
        "reason": "invalid_input",
        "external_actions": 0
      }
    },
    {
      "name": "A boolean is not a financial amount or revision",
      "path": [
        "upb_cents"
      ],
      "value": true,
      "expected": {
        "status": "hold",
        "reason": "invalid_input",
        "external_actions": 0
      }
    }
  ]
}